"02 June 2021" Archive

Practical Guide to GST Amnesty Scheme 2021

Practical Guide to avail the benefit of Amnesty Scheme 2021 When with the force of nature, the humanity is compelled to stand at the departure lounge of god’s airport and when each of individual are going through the phase of emotional stress – many of them are out to help others including the relief measures […]...

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Refund of unutilized credit of EC, SHEC & KKC after reversal of credit

As GST sought to consolidate multiple taxes into one it was very essential to have transitional provisions to ensure that the transition to the GST regime is very smooth and hassle free and no ITC (input tax credit)/benefits earned in the existing regime are lost. The transition provisions can be categorized under three heads:...

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e-Way Bill- Changes related to Blocking of GSTIN & Bill generation

1. Blocking of GSTIN for e-Way Bill generation is now considered only for the defaulting Supplier GSTIN and not for the defaulting Recipient or Transporter GSTIN 2. Mode of transport Ship is now updated as Ship / Road cum Ship 3. Suspended GSTINs shall be allowed for E-Waybill generation. National Informatics Centre Release Notes: 01/06/2...

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Refund arising from payment of interest on Gross Tax Liability after retrospective amendment of interest on Net Tax Liability

Aditya Singhania Refund arising from payment of interest on Gross Tax Liability after retrospective amendment of interest on Net Tax Liability The issue of charging interest on net tax liability has been a long-driven issue which was initially recommended by the Law Committee to make amendment in section 50 of the CGST Act, 2017 way [&hel...

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Gist of CGST Notifications dated 01st June 2021

Notification No. 16/2021 – Central Tax Dated 01/06/2021: Appoints 01.06.2021 as the date on which the provisions of section 112 of the Finance Act, 2021 shall come into force – Retrospective amendment in Section 50 of the CGST Act to provide interest on net cash basis w.e.f. 01.07.2017. However, persons who have already paid interest...

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Mere partition between joint family members cannot terminate HUF status

Sri. A.P. Oree Vs ITO (Madras High Court)

Sri. A.P. Oree Vs ITO (Madras High Court) Any partition between the members of the joint family   cannot terminate the status of HUF unless it is shown that the joint family property was physically divided in accordance with the agreement or decree of the court.  It is the contention of the Income Tax Department […]...

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Toolkit For Faceless Income Tax Assessments

The Faceless Assessment were introduced and made effective from 2020. The Central Government introduced the Scheme with noble intentions of tax transparency, moving towards a digital economy and reducing corruption looking towards greater transparency, efficiency, and accountability in Income Tax assessments. All provisions introduced und...

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BCI panel to decide method of examination for LL.B. Students

The students of several Centers of Legal Education including 273 Students of Faculty of Law, Delhi University had sent Emails, with the request that the LL.B intermediate  semester  examination /evaluation  and promotion should  be held as per UGC Guideline  through a composite  scheme i.e. 50%  marks from the internal assessment ...

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Tax Implications on Forex Transactions – TCS on Remittances outside India

Forex Transactions refer to transferring funds from one country to another. There could be various personal as well as business-related reasons due to which funds are required to be remitted abroad. But have you ever wondered what the tax implications on Forex transactions are? What is the mechanism for paying tax on Forex transactions? H...

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Impact of GST on Common Man

France was the earliest country to initiate Goods and Services Tax or GST. At present, around 160 countries have imposed GST/VAT in some form or another. Some countries have VAT as the substitution of GST. Still, concept-wise, it is a destination-based tax imposed on the consumption of goods & services. GST  is a tax that […]...

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August 2022